In his acceptance speech at the Democratic National Convention, Joe Biden tried to appeal to voters beyond his own party. WSJ’s Gerald F. Seib unpacks how Biden intends to run his campaign in the general election against President Trump. Photo: Kevin Lamarque/Reuters...
Nio Inc (NYSE: NIO) Chairman William Li said Thursday that the electric vehicle maker has plans to expand into other markets in the second half of 2020, CNBC reported.What Happened The Telsa Inc (NASDAQ: TSLA) rival is considering a foray into countries that are electric vehicle-friendly. "We hope to begin with Europe," Li told reporters, without giving further details, according to CNBC.The Chinese firm also unveiled a "battery-as-a-service" product Thursday, where customers can subscribe to receive battery packs starting at $140, after purchasing electric cars without a battery.Nio is collaborating with Tesla's supplier Contemporary Amperex Technology Co. Ltd, better known as CATL, and others, in establishing a new company in Wuhan that will support its battery product.Why It Matters The automaker said it delivered a record 3,740 vehicles in June and over 10,000 for the second quarter. Nio shares have risen gained nearly 243% YTD.Elon Musk-led Tesla is also betting big...
Sorrento Therapeutics (SRNE) and SmartPharm Therapeutics have now signed a merger agreement for Sorrento to acquire SmartPharm, a gene-encoded therapeutics company developing non-viral DNA and RNA gene delivery platforms for COVID-19 and rare diseases.Shares in Sorrento rose 4% in Thursday’s after-hours trading.As previously announced on July 24, SmartPharm equity holders will receive up to an aggregate of $19.4 million of Sorrento common stock, based on a price per share calculated in accordance with the merger agreement.Sorrento and SmartPharm will also collaborate on research and development to encode and express in vivo Sorrento’s proprietary SARS-CoV-2 neutralizing monoclonal antibodies with SmartPharm’s Gene Mab plasmid nanoparticle platform.Using SmartPharm’s technology, Sorrento has identified STI-2020dna (DNA plasmid injection), an antibody encoded DNA plasmid candidate. STI-2020dna is currently undergoing preclinical in vivo studies and has the potential to generate long-lasting anti-viral protection with a single intra-muscular administration.“We are very encouraged by the preclinical data generated thus far by our STI-2020dna plasmid candidate against...
Shares of Keysight Technologies soared nearly 4% in the extended trading session on Thursday after the company reported better-than-expected 3Q results and provided a strong outlook for 4Q.Keysight Technologies’ (KEYS) 3Q revenues of $1.01 billion surpassed analysts’ expectations of $915.4 million. The electronic design and test solutions provider’s adjusted EPS of $1.19 also beat Street estimates of $0.83. However, top and bottom-line results declined 7% and 5%, respectively, on a year-over-year basis.Keysight provided a stronger-than-expected outlook for 4Q. The company’s revenues guidance range of $1.17-$1.19 billion is higher than analysts’ forecast of $1.11 billion. Adjusted EPS is expected to come between $1.42 and $1.48, which is notably higher than Street estimates of $1.24. (See KEYS stock analysis on TipRanks).Ahead of its 3Q results, Goldman Sachs analyst Mark Delaney upgraded the stock to Buy from Hold with a price target of $120 (16.7% upside potential). Delaney said "We assume coverage of Keysight...
(Bloomberg) -- Oil is set for a third weekly gain in New York on nascent signs of a demand recovery, but the pandemic is continuing to cloud the outlook while concerns are rising about over-supply.October oil was steady near $43 a barrel and up 1.3% for the week. Futures surged to a five-month high on Monday on fresh China stimulus and as a gauge of builder sentiment in America jumped to its highest since 1998. However, optimism was tempered by downbeat comments from the U.S. Federal Reserve and OPEC+ on the demand outlook due to the coronavirus, while American unemployment benefits unexpectedly increased last week.Oil’s rally from below zero stalled in early June near $40 a barrel but prices have started to push higher recently, despite many countries struggling to contain the outbreak. The message from this week’s OPEC+ meeting was that the market remained fragile and the demand outlook uncertain,...
(Bloomberg Opinion) -- The euro is becoming the go-to currency for safety and liquidity as we approach the U.S. presidential elections and investors bet on a rocky time for the dollar. This may be a source of pride for European policy makers in how they’ve handled the pandemic so far. Unfortunately, it’s a potential problem for exporters on the continent, not least its manufacturers.As Kit Juckes, a currency analyst at Societe Generale SA, puts it: “The dollar’s very overvalued but the euro isn’t very undervalued.”With signs that hedge funds are taking option exposure on a rising euro, the recent move into the single currency could easily turn into an investor stampede if dollar flight takes hold. As I’ve written before, this would put European Central Bank Governor Christine Lagarde in a very tight spot because she’d find it hard to fight against an overly strong euro. The ECB doesn’t have an official...
